Brent crude erased all of its gains since the shock production cuts announced by OPEC+ in early April as concerns over the health of the economy triggered a weak outlook for demand. 

Futures fell as much as 1.4% to $79.68 a barrel, dropping below the closing price on the day before OPEC+’s announcement. A deterioration in oil-refining profits over the last few weeks has left companies considering lower processing rates, and key indicators in the Asian crude market have continued to weaken.

The price has also swung with wider financial markets, with US equity futures wavering on Wednesday and stocks in Europe falling. A US industry group, however, reported a large drop in nationwide crude stockpiles, adding some positivity for oil earlier in the day.

“Concerns about the outlook for demand seem to be the main culprit” for lower prices in recent days, and are countering the effects of lower OPEC+ output, said Jens Pedersen, director of oil and commodities research at Danske Bank. “For the market in general, including the oil market, it’s now wait-and-see before next week’s Fed and European Central Bank meetings which will set the tone.”

Investors will closely track reports this week including on US jobs, before the Federal Reserve’s May policy meeting. Two of the world’s biggest oil majors, Exxon Mobil Corp. and Chevron Corp., are scheduled to report first-quarter earnings on Friday and potentially provide commentary on the health of the industry.